While many farm families might see succession planning as a sizeable challenge, addressing it has big benefits - and not just for relationships.
Harvard Business School of Management research shows businesses that have a sound succession plan are up to 25 per cent more profitable.
Stock & Land talked to specialists in the field to put together this comprehensive guide on how to start the succession conversation - and to make sure it ends in success not tears.
Why succession planning matters
ALL too often farm families avoid success planning until they are forced to due to a crisis. However ProAGtive's Isobel Knight says addressing it early can actually mean a big boost to a farm's bottom line. Read more
TOO often a family crisis is the catalyst to begin the process that transfers the control of management, income and ownership of a farm's operations and assets to the next generation. But farm adviser Anna Cochrane says there's big benefits to starting sooner. Read more
SUCCESSION planning should be focused on asset retention not wealth distribution says succession expert Geoff Tually. Read more
HAVING young farmers return to the family property as employees has its chellenges but Rural Finance's Warren Vogel says being professional determines its success. Read more
DOUG and Sue Brown are on their second succession plan and have just completed the first year in partnership with their two sons. And they've found a structure that offers some flexibility has been critical to their success. Read more
SOUTH Gippsland dairyfarmer Marion Macdonald knows just how tough it can be when succession planning isn't started early - and doesn't take into account every scenario. Read more
Tips from our expert panel
VIDEO: ProAGtive's Isobel Knight talks you through the do's and don'ts of succession planning.
VIDEO: It's never too early to start talking about farm succession with family says Mike Stephens and Associates' Anna Cochrane.
VIDEO: Accountant Andrew Martin talks about the ramification of ignoring succession planning until somebody dies.
READ what our expert panel had to say about starting the succession conversation - and getting it right Read the transcript here